Roebling Place

TABLE OF CONTENTS Objective………………………………………………………………………………………...2 Introducing Roebling Place……………..………………………………..…………….2 Design……………………………………………………………………………………………5 Sustainability...................................................................................................................6 Market Analysis………………………………………………………………………….…….6 Public Safety…......……..………………………………………………..…………………….7 Residential Market Analysis………..………………………………………………………..8 Financial Prospectus…………………………………………………………….………….10 Zoning………………………………………………………………………………………….12 Government Subsidies & Parking………………………………………...………………12 Comparables……….……………………………………………………………….…………13 In Conclusion……………………………………………….…………………………………13 Appendix........................................................................................................................15 Sources Cited………………………………………………………………………….……...22

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OBJECTIVE Greater Trenton, a collaborative of private-sector, institutional, and philanthropic organizations, has asked us to outline comprehensive development plans in order to convert an abandoned brownfield, once a steel wire factory compound, into a two-hundred to three-hundred thousand square foot mixed-use project. Greater Trenton’s CEO, George Sowa, envisions a development that will revitalize the industrial neighborhood surrounding Roebling Block 2, the eight-acre brownfield site. Our plan utilizes both private and public funds to create a burgeoning neighborhood, drawing in young professionals to live, and residents from all over Trenton to dine and shop. INTRODUCING ROEBLING PLACE Located directly across the street from the Roebling Market, Roebling Block 2 is strategically positioned to thrive as an urban cultural hub. Once re-branded as Roebling

Place, this open air plaza will pull millennials back into Trenton as the red-brick bones of the city’s industrial history enmesh with glass facades, smart tech, and environmentally conscious construction. Millennials, the generation currently between the ages of twenty and forty, comprise our target market of young working professionals. We expect, given our market and demographic research, that most of these millennials will be single tenants, rather than married couples or larger households. From our analysis we have noticed that Roebling Lofts, a neighboring development, has struggled to lease its larger units at the same rate of absorption as single-bedroom units. Furthermore, our two-bedroom units are effectively double the size of our single units, but do not command nearly double the rent. For these reasons, we will fit only 20% of the residences at Roebling Place with two-bedroom layouts. We envision a bright enclave in this up-and-coming neighborhood. With the repurposing of the structures on site, the neighborhood will lose several abandoned warehouses while gaining two fresh residential facades, and a clean and exciting retail and dining strip.

Making use of parts of the existing structures will save on raw material costs,

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improve our sustainability, and maintain the historic neighborhood feel. Sullivan Property Group is entirely comprised of millennials from the Tri-State Area. Our team has determined that there was only one way to approach this development in order to establish its highest and best use: design the project to include everything that we would want, and everything that we would need, in order to be compelled to move to Trenton. What would make this development attractive to us? Branding, function, and value, we determined, were of the utmost importance. Trenton may not be considered the hottest city on the east coast, but if we were living in a hip apartment complex like The

Residences at Roebling Place, a building known for quality, space, and a funky urban design, we would be proud to call Trenton our home. Trenton can provide residents with rents at an exceptional value. But that value only exists if the conveniences and amenities that our generation has grown to expect within close proximity are included. Our generation is one that wants to work a long day, come home, and have it all right in front of them: the grocery store, the coffee shop, the bar, and a variety of dining options. Furthermore, Roebling Place is less than a half a mile from Trenton Station, offering residents easy access to New York and Philadelphia, both in under an hour. Should residents desire to take the light rail, the station is only one block west of the development.

Through a site analysis of surrounding programs we saw a lack of green space and a shortage of retail and food options. The yellow properties indicate food venues, ranging from grocery stores to restaurants, in the area. This site analysis solidified the need for these programs to be incorporated into our development. Many millennials worry that in an

age of working long hours, they will grow isolated going home to an empty apartment each night. Every inch of this new development is strategically designed to alleviate loneliness, and

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build a sense of community. By creating a social environment for residents to interact, and connect with those shopping and eating in the plaza, we will create a place that elevates residents’ moods upon arrival home. From well lit walkways to ambient lighting in the elevators, entryways, and hallways, residents will know they’re home by the sense of spaciousness and energy surrounding them. The floorplans will offer a modern, minimalist design and high ceilings, giving residents a place they can confidently call home.

Many of our peers worry that if they cannot find a roommate, they cannot leave home and begin life on their own, for it would be too depressing to leave their jobs late at night and go home to a studio apartment, absent of human interaction. In addition to the public spaces, residents should be encouraged by the design of the building itself to interact. We have quite purposefully located the residents’ lounge in the entryway, so that neighbors are in constant contact in the common spaces. In order to get to their apartments, residents will first have to walk through the lounge

and passed the gaming tables. Friday night may be our weekly tennant happy hour, but if it’s Tuesday, our tenants may not have even known that they needed a game of pool to de-stress on the way to the elevator. Space for residents to unwind, read a book, interact, or play around is critical to developing the ideal millennial living space. We aren’t just marketing an apartment, we are marketing a flexible and efficient lifestyle. Focus groups facilitated by Sullivan Property Group have shown that this what our peers would like to experience. The Roebling Lofts, a 400 unit development currently in its final stages, set a great tone for the neighborhood. We hope to carry their momentum far forward in revitalizing the Roebling blocks so that young millennials, the segment migrating to American cities in the largest numbers, are drawn to Roebling Place. The appeal of living in such a vibrant community should connect with our target market.

DESIGN Although the existing structures need ample reconstruction, we feel that their arrangement is suited well to the site. A study of pedestrian and vehicular

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traffic of the surrounding area revealed how we could control the entry points of the development. Two way traffic on both streets connecting the Northwest corner make it the ideal location for a parking garage for tenants and visitors to access the site. We plan to combine the two existing buildings on that corner to create a cohesive covered parking structure. The parking lot would be three levels of brick and concrete. Openings following the ramps promote upward movement that serve to naturally cool the structure, while coverage protects from inclement weather. A staircase and elevator will run through the center of the structure. Each floor will connect to the apartment complex via an elevated walkway.

The two existing structures on the North and East sides of the development will be combined to create an “L” shape. This will bring continuity to the residence, and encourage tenants to interact in the atrium/lobby area, as well as in the lounge, business center, yoga studio, spin studio, and gym. Both Building #57 and Building #62 will be built up to 3 stories, and each floor will continue to boast high ceilings. The first floor will have retail and

restaurants, which will be accessible both inside the development and from the street, while the two floors above will have apartments. To the right is an example of a typical, one-bedroom apartment along Hudson Street on one side and facing the interior green space on the other side. While these apartments do not boast East/West light like the other half of the residential units, these apartments do have a larger floor-plan to provide our tenants with variety and options.

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SUSTAINABILITY Roebling Place will have sustainability in mind throughout each part of the development process. Our primary sustainability effort revolves around restoring the majority of the buildings on site. Roebling Place is committed to maintaining the historical significance

of the site and the buildings that once served as part of the nation’s industrial might. In addition to historical significance, saving the existing brick and steel framing reduce the development's environmental impact and total cost. Additional sustainability efforts were made in window selection. After consulting with LEED AP Director Christa Kraftician, our team selected windows designed to increase energy efficiency and thermal performance. From the

fixed windows and architectural thermal terrace doors at the entrance to the casement outswing windows located in each apartment, products were selected that minimize our environmental impact and energy demands. According to the EPA’s Energy Star program, high performance thermal windows could save between $120-$300 per year, per apartment. All of these features, combined with large areas of open green space, amount to a clean environment for the tenants of Roebling Place and The City of Trenton. MARKET ANALYSIS We feel confident that our development will be supported by both the local real estate market and the greater implications of Trenton’s economic trends. Moody’s Analytics recently wrote of Trenton, and its Mercer county surroundings, “In the long run, a diverse industrial base and a highly skilled workforce will ensure moderate growth relative to the state and the nation.” As of September of 2016, Moody’s also noted that Trenton is in the thick of expansion in its business cycle, which further supports our development.

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Mercer County’s Aa credit rating gives us further confidence that the development will be well supported by the municipality. A county with a strong credit rating is a dependable development partner. Interestingly enough, population growth is not expected to play a major factor. Yet, as the bulk of Trenton’s population becomes younger, there will be greater need for the Urban lifestyle that the Residences at Roebling Place offer. Additionally, housing prices in Mercer County are expected to rise ten percent over the next five years, so our unit rentals should stay very competitive with the home market. Mercer County’s population is currently comprised of 8% 20-24 year olds (the heart of our target market) whereas the national average is at 7%. This 1% offshoot seems insignificant, but as compared with all of the other age ranges, where Mercer County’s population closely mimics the rest of the United States, we are thrilled to see that our demographic is by far the most over-represented in the Trenton area today. PUBLIC SAFETY We utilized data and statistics from Neighborhood Scout in order to evaluate the level of public safety in Trenton. Specifically, we drilled down into the areas surrounding Whittaker Avenue and Hamilton Avenue to pinpoint criminal activity near Roebling Place. According to their property crime index, Roebling Place is located in a neighborhood that is ranked 70 out of 100, making it safer from property crime than 70% of all U.S. neighborhoods. Property crime per 1,000 residents is documented around our development at 14.38, which is far below the rest of Trenton’s 25.27 and a national median 26. Trends show that with revitalization, a decrease in crime quickly follows. We are confident that this development will make a safe neighborhood even safer. While property crimes have remained relatively low, violent crime in the greater area may pose as a deterrent for potential tenants. The city of Trenton as a whole is dealing with high levels of violent crime. However, we believe that any risk of violent crimes will be severely mitigated through on site security efforts and the development's close proximity to shopping, public transportation, and health care services. A well lit, secured facility with wide open walkways is hardly ever the location of such crimes. Security efforts will include a comprehensive camera system, electronic building access, and a covered garage. High level security items, such as perimeter fencing and gated access will not be included in an effort to maintain a relationship with the surrounding community. We would consider,

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dependent of cost-benefit analysis, on-staff security for the premises, particularly after dark. Since the development is so large, and will serve so many residents and patrons on a daily basis, it is feasible to include such precautions at reasonable cost. Residents of Roebling Place and visitors from the greater community are encouraged to experience our retail and dining locations, and we want them to feel exceptionally safe doing so. MARKET ANALYSIS To determine the market area for the proposed Roebling Place, our team interviewed real estate agents and other knowledgeable community representatives about leasing activity in Trenton and the surrounding communities. To determine a feasible market area for capture and absorption, our team surveyed road networks, mobility patterns, and lifestyle preferences, as well as economic and demographic characteristics. The analysis inquires about competitive multi-family developments and retail nodes in the area and presents evidence that demand for a differentiated and targeted product offering for non-household forming millennials will outpace supply in the next 5 years. Through surveys and data collected on road networks and mobility patterns, our team found that the site is located in a convenient location near major roadways. The major regional/state roads serving the Trenton area are I-95, I-195, I-295, US 1, US 206, Route 29, Route 31, Route 33, and Route 129. I-95, I-295, and Route 29 effectively form a beltway around the city of Trenton, and I-95, I-195, and I-295 are all part of the National Network for truck routes. AMTRAK service provides 55 trains per weekday to and from Trenton. The total annual ridership to and from Trenton is over 400,000, making Trenton station the second busiest AMTRAK station in New Jersey. The leading origin/destination cities for Trenton are New York City and Washington, DC. The NJ Transit bus routes currently serving Trenton provide over 700 trips per weekday, along with some Saturday and Sunday service. The median weekday ridership on the 600 routes is just over 15,000. While this analysis is insightful, it is also important to take psychographic lifestyle preferences into account. In Trenton, the four most prevalent lifestyle segments are Urban Rows (23%), City Commons (12%), City Dimensions (10%), and NeWest Residents (10%). Urban Rows shop only for necessities at local grocery and convenience stores. They rarely eat out, but enjoy going to the movies. City Commons residents frequently shop for children’s clothing and food at discount stores. Families eat at fast-food restaurants and go to the movies. Additionally, an industrious segment known as Urban Fringe residents own their homes. As mortgage payments take priority, they shop at major discount stores for children’s

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products. City dimensions are loyal sports fans that will buy and wear team clothing. Families across these segments shop at discount stores for kid’s products, and they eat out and go to the movies. Furthermore, NeWest Residents have recently moved to the US and are rapidly adapting to local, cultural preferences, while enhancing the diversity of their respective neighborhoods. Residents focus on buying groceries and children’s products. Some key commonalities between each of these segments are that they primarily are low to moderate income family households with children that shop at discount stores and go to the movies. The 20-24 year old segment is growing faster in Trenton than across the US. Trenton is also faced with population leakage, that can only be reversed with increased density for the absorption of young urbanites. With this in mind, we seek to engage in creative placemaking that brings young, middle-income professionals into Trenton to live and shop, while providing value and inclusion for existing local residents. The average median income for non-family households in Trenton is $19,020 (Exhibit A). In greater Trenton City and the surrounding Mercer County, average median income for non-family households is double that for urban residents ($39,396) (Exhibit B). Princeton is one of the wealthiest cities in Mercer County, posting rents for studio apartments well in excess of our market rates. However, Princeton, NJ and Mercer County at large are not holding up to the standards of the Mount Laurel Doctrine, which prohibits economic discrimination against the poor by the state and municipalities in the exercise of their land use powers. As a result, there is limited affordable supply in wealthier Mercer communities, creating an income diversification problem. The Residences at Roebling

Place will fill the void for middle income residents. On January 10th, a trial expected to continue well into February began in the Mercer County Superior Court in Trenton. The goal of the proceeding, which is being advanced by Princeton and four other municipalities, is to obtain the lowest possible fair share housing allocation. Considering countywide trends in the multifamily market, Mercer County is the primary market area for this development. Members of the largest income segment in Mercer County for non-family households earn between $50,000 and $74,999 (Exhibit B).This segment comprised 17.0% of the non-family household population. Based on earnings census data for non-family households, 49.3% of them earn above $50,000 annually. Non-family households comprise 32.8% of Mercer County residents and 37.9% of Trenton residents (Exhibit C and D).

A household earning above $50,000 annually can afford at or above rental rates of $1,250 per month. If we price our units to start in the range of $1,300-1400 per month, our development will be competitively positioned to absorb leakage from other communities in

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Mercer county. Additionally, Roebling Place can still expect to attract Trenton residents, because 21.5% of nonfamily households earn more than $50,000 (Exhibit A). FINANCIAL PROSPECTUS The development and investment model is multi-faceted, capturing the assumptions, income potential, construction timeline, and budgetary projections associated with residential and retail units on the site. The Residences at Roebling Place will provide the developer with a 20.2% internal rate of return (Exhibit G). The Shops at Roebling

Place, although less profitable at a 12.3% return, are integral to the residential value proposition and place making for members of the community (Exhibit L). The profits are in multifamily development, but creating traction around Roebling Place will require experiential retail venues that complement the shopping center and restaurants in close proximity to the lot. Preconstruction for Roebling Place will begin in 2017 and will last for one year. During which time, building permits are obtained, schedules are outlined, and budgets are finalized for contractors and subcontractors. The construction phase will last two years, during which a combination of investor equity and opportunistic debt will be deployed to cover hard costs, soft costs, FF&E, as well as tenant improvements for pre-leases (Exhibit F). On a lot of 260,000 square feet, there will be 100 apartments spread across two buildings on three floors. The units will average 796 square feet and $1,425 in monthly rent. Rents are based on a per square foot monthly rate of $1.79, which is directly competitive with market comparables found for Roebling Lofts (Exhibits E and F).

Average monthly parking permits were priced in accordance with local comparables, such as the Station Plaza Garage, which listed reserved spot permits for $195 per month (Exhibit F). Monthly operating expenses were determined by considering per square foot estimates for property insurance, landscaping, snow and trash removal (Exhibit I). Property taxes were calculated by setting average Trenton property values on a square footage basis and multiplying by the millage rate and the rentable, residential square footage of the complex.

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Our team allotted space and found estimates for 2 parking spots per unit and we established a 10% vacancy rate at stabilization, slightly higher than the citywide rental vacancy rate of 7.75%. Additionally, a higher vacancy rate was chosen to enforce conservatism in our model, as the rental rates on our residential units sit $283 above the market average (Exhibit F). As previously mentioned, the development and disposition strategy for Roebling Place outlines a 12 year timeline, during which the project undergoes one year of pre-construction, two years of construction, and 9 years of ramp-up to stabilization before reversion at the start of 2028 (Exhibit H). A construction budget was devised to determine hard costs, tenant improvements, soft costs, and concessions on a per unit and project basis. Cost estimates were influenced by advisory from local developers and online references. After factoring in state-level economic development grants, the total project cost was calculated to be $13,928,551 for

the Residences at Roebling Place (Exhibit I). A loan-to-cost ratio of 65% and an 8% debt interest rate were deemed to be conservative inputs for this project, as were annual revenue and expense inflation rates of 3%. For a project cost exceeding $10 million, debt tranches will likely include a mix of mid-balance loans at a 4.961% interest rate and bridge loans, which should exceed 13% interest rates for an opportunistic project in Trenton. Annual maintenance capex of $2,000 was allocated annually for each unit based on the recommendation of an academic advisor familiar with development cost management (Exhibit G). For both the residential and retail models, our analysis includes a debt-equity draw formula that allocates capital to maximize our returns by minimizing capitalized interest After a 12 year development-hold to stabilization cycle, we expect to dispose of the property at a 7% capitalization rate. This cap rate is a more aggressive component of our model, when considering current cap rates for multifamily properties in Trenton. Yet, given the timeframe and quality of the asset, the project should support a cap rate contraction by the time of reversion. Net sale proceeds less brokerage fees, debt principal, and capital gains tax are above $10 Million. Additionally, our model projects that net income will stabilize by year 8. Thus, we can achieve a competitive IRR and Yield on Cost worthy of institutional capital. The intention of developing retail on-site is not to compete with local vendors, but instead, to enhance the community and create a retail node surrounding the development. This

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assertion is supported by the Reilly’s Law of Retail Gravitation, which states that customers are willing to travel longer distances to larger retail centers given the higher attraction they present across interest segments. Our team expects the Shops at Roebling Place to draw consumers from outside our primary market area and create an environment conducive to both the local demographic and incoming millennials. For our ground floor retail units, we are building out 185 uncovered, free parking spaces on the lot. The size of retail units ranges from 2,500 square feet for a fast casual dining venue to 23,500 square feet for a small movie theatre (Exhibit K). Additionally, the retail node will encompass a 5,500 square foot cultural center, an 8,500 square foot sit-down dining restaurant, and a 7,000 square foot bar/night-club to provide a social atmosphere for residents and locals. The cultural center will promote local artistry by exhibiting works and performances to the general public and the residents. Additionally, we are projecting vacancy and capitalization rates in line with residential trends at the time of sale. ZONING The site is currently zoned “IA”, which allows for manufacturing, warehouse, and material storage yards. In order for our redevelopment plan to be successful, we need a zoning variance for mixed use. This will allow for retail on the first floor of the site and residential on the second and third floors--all while staying within the maximum height of three stories. To attain mixed use zoning status, a variance from the Trenton Zoning Board of Appeals is required. This board is responsible for use variances and related subdivision, site plan review, and bulk variances. We believe that the current industrial zoning classification for our site is out of date and opposes the economic and environmental segments of the Trenton250 master plan. Roebling Place has the potential to be a catalyst for significant economic growth. By incorporating both retail and residential, the community will experience an economic stimulus. The development will cater to young professionals and individuals involved in the arts by providing galleries and cultural spaces. Unlike the massive warehouse-style community space next door, our galleries and cultural spaces will provide an intimate setting for artists and patrons to socialize and share. In addition, our proposed development includes significant areas of open space and recreation for our tenants. Green technologies will be put in place to ensure that we do our part of protecting the environment.

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GOVERNMENT SUBSIDIES & PARKING There is an existing state grant for Roebling Place valued between two and three million dollars. During a past development attempt, the site was approved for state funds and additional leveraged capital. This additional leverage will be state sponsored. These funds will be critical in order to successfully complete the development and ensure future profitability. In addition to development funding, Trenton capital funds are available to businesses looking to enter the marketplace. These businesses will take the form of restaurants, markets, art galleries, and other forms of retail attracted to the site. The majority of residents at Roebling Place will likely expect covered parking. The Trenton Parking Authority “was created for the purpose of acquiring, constructing, maintaining and operating parking facilities to promote commerce and economic renewal.” We believe after demonstrating a need and an effective increase in commerce and economic renewal, the parking authority will be inclined to aid in the construction of a parking structure. Increases in commerce will stem from inflow into Trenton and additional spending by our residents. Roebling Place’s substantial retail allotment will also bring more businesses into the area, spurring increased commerce in Trenton. COMPARABLES In recent years, the revitalization of abandoned areas and brownfields has become a popular trend and a catalyst for positive change in cities across America. One popular example of such a revitalization is Northern Liberties, which is located outside of the city of Philadelphia. In the 1980’s, the area was littered with brownfields and remnants of industry, leaving households in poverty with no foreseeable change. However, through the revitalization of brownfields, the area recently saw a large influx in young professionals. Northern Liberties now features apartments focused on a live, work, play theme. There are large open spaces for nighttime community events and daytime leisure. Numerous bars and restaurants line the streets, along with visitors who come for the energized environment. This increase in value, along with home sales, has outpaced the rest of Philadelphia. Our team aims to emulate Northern Liberties’ success story. Just as Philadelphia and its surrounding areas have experienced a boom in recent years, we believe Trenton is headed down a similar path.

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IN CONCLUSION We have addressed all of the following goals, as outlined by the Trenton250 plan. In the interest of efficiency, we addressed transportation, circulation, and technology. In the interest of the Trenton250 economic goals, we took aim at economic development, housing, arts and culture, and historic preservation. In the interest of equity, we designed a project that would increase public safety, promote health and community engagement, and strengthen community facilities and services. We truly see Roebling place as an asset to all of Trenton, promoting a healthy lifestyle. We hope that residents from all corners of Trenton will drive over, park, and walk around the plaza, or kick around a ball on our field. Furthermore, we took Trenton250’s environmental goals very seriously. In the interest of environment, we looked to salvage every bit of steel and concrete. This is a rehabilitation and a renovation, not new development. The heart of the Roebling factories still live within Roebling Place. And the parks, open space, recreation, and energy use goals of Trenton250 fit symbiotically into our plan. The open question is whether there is sufficient demand among millennials for this type of housing in this location. Before going forward, we recommend that Greater Trenton engage in a fair amount of market studies and research to ensure that the population and future growth will support their development efforts. Our team would not recommend any development in any area without an in-depth market study. We were able to analyze the market data readily available to us. However, an in depth study, requiring far more time, money, and research, is certainly in order to ensure the success of this project, and that the marketing efforts down the road are properly targeted. That’s not to say that we don’t expect young government employees, and those working in offices within a thirty minute drive of Trenton to find Roebling Place an incredibly attractive housing proposition. All of our preliminary research suggests that in a few short years Roebling Place will be a thriving urban development, and the cornerstone of a revitalized neighborhood.

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APPENDIX (LABEL ALL EXHIBITS) Exhibit A: Earnings Data for Trenton Residents

Exhibit B: Earnings Data for Mercer County Residents

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Exhibit C: Household Data for Mercer County Residents

Exhibit D: Household Data for Trenton Residents

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Exhibit E: Model Input and Assumptions for the Residences at Roebling

Exhibit F: Lot and Unit Assumptions for the Residences at Roebling

Exhibit G: Project Cost Assumptions for the Residences at Roebling

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Exhibit H: Construction Timeline for the Residences at Roebling

Exhibit I: Development Costs for the Residences at Roebling

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Exhibit J: Model Input and Assumptions for the Shops at Roebling

Exhibit K: Lot and Unit Assumptions for the Shops at Roebling

Exhibit L: Project Cost Assumptions for the Shops at Roebling

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Exhibit M: Construction Timeline for the Shops at Roebling

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SOURCES CITED

http://www.trenton250.org/master-plan-elements/ http://www.trentonnj.org/documents/inspections/zoning-citywide-dl.pdf http://www.tpanj.com/ https://www.neighborhoodscout.com/nj/trenton/whittaker-ave http://www.trentonnj.org/documents/housing-economic/zoning%20ordinance%20update/2010%20zoning%20ordinance.pdf http://www.state.nj.us/transportation/works/njchoices/pdf/trenton.pdf http://www.trentonnj.org/documents/TrentonCityWideMarketStudy.pdf https://planetprinceton.com/2017/01/18/an-open-letter-to-the-mayor-and-council-on-affo dable-housing-in-princeton/ http://www.deptofnumbers.com/rent/new-jersey/trenton/ http://www.kawneer.com/kawneer/north_america/en/info_page/home.asp http://www.colliers.com/en-us/princeton/insights https://www.energystar.gov http://www.acrwebsite.org/volumes/6282/volumes/v11/NA-11 https://www.commercialloandirect.com/commercial-rates.php https://factfinder.census.gov/faces/tableservices/jsf/pages/productview.xhtml?src=CF http://www.nexusparkingsystems.com/faqs.html http://fairsharehousing.org/mount-laurel-doctrine/ http://newhazletttheater.org/wp-content/uploads/2012/11/VenueFactSheet_Oct2012.pdf

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